储能：2023年储能项目中标价格呈下行趋势4h长时储能项目有望显著增加

研究报告ResearchReport7Jan2024ESG&PowerEquipment&NewEnergy&Utilities2023年储能项目中标价格呈下行趋势，4h长时储能项目有望显著增加TheWinningPricesofEnergyStorageProjectsShowaDownwardTrendin2023,SignificantIncreaseisExpectedin4-HourLong-DurationEnergyStorageProjects杨斌BinYang 张申琪AllisonZhangbin.yang@ allison.sq.zhang@FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)储能系统2023年中标规模超过53.8GWh，12月中标均价降至0.87元/Wh。根据中国招投标公共服务平台的数据，2023772.7亿元。整体来看，2023年储能系统价格呈下降趋势，中标单价最低为0.607元/Wh1.24元/Wh。1）月份角度：21.58元/Wh12月均价最低，仅为0.87元/Wh。2）时长角度：1h1.051.81元/Wh1.38元/Wh；2h0.61至2.33元/Wh1.13元/Wh；4h0.701.32元/Wh0.87元/Wh。央国20231h、2h、4h4h245.2GWh2024EPC价格仍将持续下降，储能系统价格下滑速度较快，二三线储能企业将加速出清。储能EPC2023年中标规模达到35.5GWh以上，中标单价总体呈下行趋势。根据中国招投标公共服务平台的数据，2023EPC468.3EPC单价呈现下行趋势，但下滑速度有所0.97元/Wh1.67元/Wh。1）月份角度：31.8元/Wh，12月1.25元/Wh1-3EPC2月份项目分布不均匀，大储和户储项目均有中标，且EPC内容要求相对更加个性化。2）时长角度：1h规模为173.3MWh1.582.90元/Wh2.02元/Wh。2h22.2GWh，中标价格区间为0.813.04元/Wh1.56元/Wh；4h12GWh0.971.80元/Wh，中标1.27元/WhEPC14.2%、14.2%5.56%，EPC项目在相关资质要求和达到施工标准方面的门槛相对较高。2h储能仍是当前主流，4h长时储能项目有望显著增加。2023EPC项目中，2h储能分别占比48.9369.32%，4h储能时长呈现一定增长。1）市场需求：随着风光装机规模不断扩大以及新能源发电渗透率不断提高，对长时储能的市场需求逐渐增长。宏观市场需求、政策支持、技术进步、各省分时电价的优化完善、更低的度电成本以及长期发展的战略布局等多个因素都推动了4h储能的发展；2）技术路线：锂电池仍然是主流技术路线，但各种长时储能技术在发展速度上有所提升，包括飞轮储能、重力储能、液流电池等4h已经从示范阶段逐渐向规模化落地阶段发展。虽然这些新技术在价格方面尚未能与锂电池持平，但其价格一直呈现下降趋势，吸引独立储能电站或风光配储项目选择4h储能系统。投资建议：建议关注盈利水平保持高位且在海外储能市场具备先发优势的企业如【宁德时代】、【阳光电源】等。风险提示：储能装机需求不及预期；价格波动剧烈；政策推进不及预期；行业竞争加剧。(PleaseseeappendixforEnglishtranslationofdisclaimer)ESG&PowerEquipment&NewEnergy&UtilitiesAPPENDIX1SummaryIn2023,thetotalwinningbidscaleofenergystorageexceeded53.8GWh,andthewinningbidpriceinDecemberdroppedto0.87RMB/Wh.AccordingtodatafromtheChinaTenderingandBiddingPublicServicePlatform,thetotalamountofwinningbidsforenergystoragesystemsin2023exceeded77.27billionRMB.Overall,thepricesofenergystoragesystemsin2023showedadownwardtrend,withthelowestwinningbidpriceat0.607RMB/Whandtheaveragewinningbidpriceat1.24RMB/Wh.1)Fromamonthlyperspective:TheaveragepricewashighestinFebruary,reaching1.58RMB/Wh,whileitwaslowestinDecember,atonly0.87RMB/Wh;2)Fromadurationperspective:Thewinningbidpricesfor1-hourprojectsrangedfrom1.05to1.81RMB/Wh,withanaveragewinningbidpriceof1.38RMB/Wh.For2-hourprojects,thewinningbidpricesrangedfrom0.61to2.33RMB/Wh,withanaveragewinningbidpriceof1.13RMB/Wh.Asfor4-hourprojects,thewinningbidpricesrangedfrom0.70to1.32RMB/Wh,withanaveragewinningbidpriceof0.87RMB/Wh.Centralstate-ownedenterpriseshaveadominantpositioninenergystoragesystemprojectsthiswiththeircentralizedprocurementandframeworkprocurementprojectsaccountingformorethanhalfofthetotal.Amongthem,StatePowerInvestmentCorporation'se-commercecentralizedprocurementprojectforenergystoragesystemsin2023isthelargest,including24sectionssuchas1-hour,and4-hourlithiumironphosphatebatteries,aswellas4-hourflowbatteries,withatotalscaleof5.2GWh.Lookingaheadto2024,weexpectthepricesofenergystoragesystemsandenergystorageEPCtocontinuetodecline.Thedeclineinenergystoragesystempricesisexpectedtoberapid,andsecondandthird-tierenergystoragecompanieswillacceleratetheirexitfromthemarket.ThewinningbidscaleofenergystorageEPCprojectsin2023exceeded35.5GWh,andtheoverallwinningbidpricesshowedadownwardtrend.AccordingtodatafromtheChinaTenderingandBiddingPublicServicePlatform,thetotalamountofwinningbidsforenergystorageEPCprojectsin2023exceeded46.83billionRMB.Overall,theunitpricesofenergystorageEPCprojectsshowedadownwardtrendthroughoutthebuttherateofdeclinehassloweddown.Thelowestwinningbidpricewas0.97RMB/Wh,andtheaveragewinningbidpricewas1.67RMB/Wh.1)Fromamonthlyperspective:TheaveragepricewashighestinMarch,reaching1.8RMB/Wh,whileitwaslowestinDecember,atonly1.25RMB/Wh.TheaveragepricelinefluctuatedthroughoutthewiththeaverageunitpriceofenergystorageEPCprojectsinJanuarytoMarchexperiencingarapiddeclinefollowedbyarebound.ThiswasmainlyduetotheunevendistributionofprojectsinFebruary,withbothlarge-scaleandhousehold-scalestorageprojectswinningbids,andtheEPCrequirementsbeingrelativelymorepersonalized.2)Fromadurationperspective:Thescaleof1-hourprojectswas173.3MWh,withwinningbidpricesrangingfrom1.58to2.90RMB/Whandanaveragewinningbidpriceof2.02RMB/Wh.Thescaleof2-hourprojectsexceeded22.2GWh,withwinningbidpricesrangingfrom0.81to3.04RMB/Whandanaveragewinningbidpriceof1.56RMB/Wh.Asfor4-hourprojects,thescaleexceeded12GWh,withwinningbidpricesrangingfrom0.97to1.80RMB/Whandanaveragewinningbidpriceof1.27RMB/Wh.EnergystorageEPCprojectsweremainlyundertakenbycentralstate-ownedenterprises.ThisismainlyduetothehigherthresholdforenergystorageEPCprojects,makingitrelativelydifficultforprivateenterprisestoobtaintherequiredqualificationsandmeettheconstructionstandards.2-hourenergystorageremainsthemainstreamcurrently,while4-hourlong-durationenergystorageprojectswillsignificantlyincrease.In2023,amongenergystoragesystemandEPCprojects,2-hourenergystorageaccountedfor48.93%and4-hourenergystorageshowedacertaingrowth,accountingfor69.32%.1)Marketdemand:Withthecontinuousexpansionofwindandsolarinstallationsandtheincreasingpenetrationofrenewableenergygeneration,themarketdemandforlong-durationenergystorageisgraduallygrowing.Variousfactorssuchasmacromarketdemand,policysupport,technologicaladvancements,optimizationandimprovementoftime-of-useelectricitypricesinvariousprovinces,lowerelectricitycosts,andlong-termstrategicplanninghaveallcontributedtothedevelopmentof4-hourenergystorage.2)Technologicalpathways:Lithium-ionbatteriesremainthemainstreamtechnologybutvariouslong-durationenergystoragetechnologieshaveseenanimprovementintheirdevelopmentspeed.Technologiessuchasflywheelenergystorage,gravityenergystorage,andflowbatteriesfor4-hourandlongerdurationshavegraduallytransitionedfromthedemonstrationstagetothecommercializationstage.Althoughthesenewtechnologieshavenotyetreachedpriceparitywithlithium-ionbatteries,theirpriceshavebeenconsistentlydeclining,attractingindependentenergystorageplantsorwind-solarhybridstorageprojectstochoose4-hourenergystoragesystems.Investmentadvice:Itissuggestedtopayattentiontocompaniessuchas[CATL]and[SungrowPower]thatmaintainhighprofitabilitylevelsandhaveafirst-moveradvantageintheoverseasenergystoragemarket.Risks:Energystorageinstallationdemandbelowexpectations;significantpricevolatility;policybelowexpectations;industrycompetitionintensifies.附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，杨斌，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报3个工作日内交易此研究报告所讨论目标公司的证券。I,BinYangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，张申琪，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究3个工作日内交易此研究报告所讨论目标公司的证券。I,AllisonZhangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).中国能源建设集团安徽电力建设第二工程有限公司,中国能源建设集团黑龙江省火电第一工程有限公司,中国能源建设集团湖南火电建设有限公司,中国能源建设集团安徽电力建设第二工程有限公司,中国能源建设集团湖南火电建设有限公司及上海电力建设有限责任公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。中国能源建设集团安徽电力建设第二工程有限公司,中国能源建设集团黑龙江省火电第一工程有限公司,中国能源建设集团湖南火电建设有限公司,中国能源建设集团安徽电力建设第二工程有限公司,中国能源建设集团湖南火电建设有限公司and上海电力建设有限责任公司are/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.中国电建集团贵州工程有限公司及中国水利水电第九工程局有限公司目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。中国电建集团贵州工程有限公司and中国水利水电第九工程局有限公司is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在过去的12个月中从上海电力建设有限责任公司,中国电建集团贵州工程有限公司及中国水利水电第九工程局有限公司获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom上海电力建设有限责任公司,中国电建集团贵州工程有限公司and中国水利水电第九工程局有限公司.评级定义（从2020年7月1日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级优于大市12-1810%以上，基准定义如下中性12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。

评级分布RatingDistribution 弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100,美国–SP500;其他所有中国概念股–MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至2023年9月30日海通国际股票研究评级分布优于大市 中性 弱于大市(持有)海通国际股票研究覆盖率 89.3% 1.1% 9.6%投资银行客户* 3.9% 5.8% 10.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至2020年6月30日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来12-18FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100;其他所有中国概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofSeptember30,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.3%1.1%9.6%IBclients*3.9%5.8%10.0%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如《盟浪网站用户注册协议》《盟浪网用户服务（含认证）协议》《盟浪网隐私政策》等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.TheofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanuse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,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分发和地区通知：除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告，HTISCL1类受规管活动（从事证券交易）的持牌公司。该研究报告并不构成《证券及期货条例》（571章）（以下简称“SFO”）SFO所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。美国投资者的通知事项：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研1934年“美国证券交易法”第15a-6条规定的豁免注册的「美国主要机构投资者」（“MajorU.SInstitutionalInvestor”）和「机构投资者」（”U.SInstitutionalInvestors”）。在向美国机构投资者分发研究报告时，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，电话（212）351-6050。HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）的成员。HTIUSA不负责编写HSIPL，HTIRLHTIJKK直接进行买卖证券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwasprepared